EU Court Set to Allow Porsche Purchase of VW

It sounds like a Porsche takeover — err — they're German automakers, so maybe that should read "merger of equals" — of VW looks to become an almost certain thing as we're hearing the European Court of Justice in Luxembourg is expected today to strike down the so-called Volkswagen Law, a statute devised by the German government to protect the auto giant from an unwanted takeover. This will finally allow Porsche's chairman, Wendelin Wiedeking, to fulfill his declaration of intent for Volkswagen to rival the super best number one awesome automaker from the rising sun, Toyota. So we guess the underpants gnomes Wiedeking's three-step plan to profit rivaling Toyota is:

Step One: Buy VW
Step Two: ???
Step Three: Rival Toyota

We're sure they'll let us know what "Step Two" is at some point. [via New York Times]